PAR PACIFIC HOLDINGS, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PAR PACIFIC HOLDINGS, INC. filed its Q1 2024 10-Q report on May 8, 2024, detailing financial performance and operational data.</b>

AI Summary

PAR PACIFIC HOLDINGS, INC. (PARR) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. PAR PACIFIC HOLDINGS, INC. filed a 10-Q report on May 8, 2024, for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is Crude Petroleum & Natural Gas. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key entities mentioned include Laramie Energy LLC and Yellowstone Energy Limited Partnership.

Why It Matters

For investors and stakeholders tracking PAR PACIFIC HOLDINGS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for PAR PACIFIC HOLDINGS, INC., crucial for assessing the company's performance and making informed investment decisions. The detailed financial statements and disclosures within the report offer insights into the company's revenue, assets, liabilities, and other key financial metrics, allowing for a comprehensive understanding of its current financial health and strategic direction.

Risk Assessment

Risk Level: medium — PAR PACIFIC HOLDINGS, INC. shows moderate risk based on this filing. The company operates in the Crude Petroleum & Natural Gas industry, which is subject to significant price volatility and regulatory changes, posing inherent risks to financial performance.

Analyst Insight

Review the detailed financial statements and segment performance in the 10-Q to understand the drivers of revenue and profitability for Q1 2024.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-08 — Filing Date (Date the 10-Q was submitted)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-03-31 — Prior Year Quarter End (Comparison period)

Key Players & Entities

• PAR PACIFIC HOLDINGS, INC. (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Period of report
• 2024-05-08 (date) — Filing date
• Crude Petroleum & Natural Gas (industry) — Standard Industrial Classification
• Laramie Energy LLC (company) — Mentioned entity in financial data
• Yellowstone Energy Limited Partnership (company) — Mentioned entity in financial data
• PARR (ticker) — Ticker symbol for PAR PACIFIC HOLDINGS, INC.

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the prices of crude oil, natural gas, and refined products.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental, health, and safety regulations, which can lead to compliance costs and potential liabilities.
• Operational Risks and Disruptions [medium — operational]: The company faces risks related to the operation of its refineries and transportation assets, including potential equipment failures, accidents, or natural disasters.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on Which Registered Common stock, $0.01 par value PARR New York Stock Exchange

Filing Documents

• parr-20240331.htm (10-Q) — 2084KB
• a20240331ex311-wm20240331.htm (EX-31.1) — 19KB
• a20240331ex312-sf20240331.htm (EX-31.2) — 19KB
• a20240331ex321-wm20240331.htm (EX-32.1) — 7KB
• a20240331ex322-sf20240331.htm (EX-32.2) — 7KB
• 0000821483-24-000015.txt (&nbsp;) — 10768KB
• parr-20240331.xsd (EX-101.SCH) — 79KB
• parr-20240331_cal.xml (EX-101.CAL) — 137KB
• parr-20240331_def.xml (EX-101.DEF) — 433KB
• parr-20240331_lab.xml (EX-101.LAB) — 788KB
• parr-20240331_pre.xml (EX-101.PRE) — 650KB
• parr-20240331_htm.xml (XML) — 1763KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Page No.

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Cash Flows 4 Condensed Consolidated Statements of Changes in Stockholders' Equity 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 49

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 52 The terms "Par," "Company," "we," "our," and "us" refer to Par Pacific Holdings, Inc. and its consolidated subsidiaries unless the context suggests otherwise.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS PAR PACIFIC HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 228,298 $ 279,107 Restricted cash 341 339 Total cash, cash equivalents, and restricted cash 228,639 279,446 Trade accounts receivable, net of allowances of $ 0.2 million and $ 0.2 million at March 31, 2024 and December 31, 2023, respectively 448,479 367,249 Inventories 1,133,069 1,160,395 Prepaid and other current assets 48,320 182,405 Total current assets 1,858,507 1,989,495 Property, plant, and equipment Property, plant, and equipment 1,608,311 1,577,801 Less accumulated depreciation and amortization ( 503,775 ) ( 478,413 ) Property, plant, and equipment, net 1,104,536 1,099,388 Long-term assets Operating lease right-of-use ("ROU") assets 341,405 346,454 Refining and logistics equity investments 88,315 87,486 Investment in Laramie Energy, LLC 18,842 14,279 Intangible assets, net 10,254 10,918 Goodwill 129,275 129,275 Other long-term assets 220,542 186,655 Total assets $ 3,771,676 $ 3,863,950 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Current maturities of long-term debt $ 4,226 $ 4,255 Obligations under inventory financing agreements 662,688 594,362 Accounts payable 436,188 391,325 Accrued taxes 36,792 40,064 Operating lease liabilities 68,841 72,833 Other accrued liabilities 239,027 421,762 Total current liabilities 1,447,762 1,524,601 Long-term liabilities Long-term debt, net of current maturities 635,283 646,603 Finance lease liabilities 13,375 12,438 Operating lease liabilities 283,099 282,517 Other liabilities 80,818 62,367 Total liabilities 2,460,337 2,528,526 Commitments and contingencies (Note 15) Stockholders' equity Preferred stock, $ 0.01 par value: 3,000,000 shares authorized, none issued — — Common stock, $ 0.01 par value; 500,000,000 shares author

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View this 10-Q filing on SEC EDGAR